CHAPS Clearing Company Limited, the organisation responsible for the operation of the UK’s high-value, same-day money transfer service, today (8th October 2007) welcomes UBS AG as the newest member of its sterling-denominated clearing system, bringing the total membership of CHAPS Sterling up to 16.

As one of the largest real-time gross settlement (RTGS) systems in the world, CHAPS Sterling provides an efficient, risk-free and reliable same-day transfer mechanism for the transmission of sterling-denominated payments. As the method of choice for secure, high-value business-to-business payments, CHAPS Sterling grew at its fastest rate for a decade in 2006, processing 33 million payments, to a value of £59,400 billion. 

The UBS CHAPS Board Member, Thomas Voegl, says:

“We are delighted to have become members of CHAPS Sterling. CHAPS has an unblemished reputation for handling a large volume of high-value payments quickly and securely. As members we are now able to play a direct role in the operation of a payments system which forms an integral part of the UK’s economic infrastructure.”

For further information contact the APACS press office:

Tel. 020 7711 6368

ENDS

Notes to Editors

1. CHAPS Clearing Company Limited processes and settles systemically important and time-dependent payments. Key drivers for the Company are the provision of a robust and resilient infrastructure, innovation through responding to members' and market needs and the ability to do so in an efficient and cost-effective manner. CHAPS continues to be one of the largest real-time gross settlement systems (RTGS) in the world offering members, and around 400 financial institutions utilising agency arrangements through direct members, an efficient risk free and reliable same-day payments mechanism for both their sterling and euro RTGS payment requirements.

2. CHAPS Euro is currently a component in the cross-border payments element of the European RTGS mechanism – TARGET.